§4004 Disclosure of funds availability policies

Summary

Banks and other depository institutions must give a written notice before opening an account that tells a customer exactly when deposited money can be withdrawn. Preprinted deposit slips must include a short warning (as the Federal Reserve Board and the CFPB set by rule) that deposits may not be available right away. In the first regular mailing after September 1, 1988, but no later than 60 days after that date, each institution had to send the same written policy unless it had already done so before September 1, 1988. If the bank changes its funds-availability policy, it must notify customers at least 30 days before the change, except that if the change makes funds available sooner the bank can tell customers no later than 30 days after the change. Customers can also ask for the written policy and must be given it on request. Each branch must post a clear notice about how long deposits take to become available. ATM owners must post a general notice (by rules set by the Board and the CFPB). If an institution starts paying interest later than the date in section 4005(a), its notices must say when interest begins. The Board and the CFPB will publish model disclosure forms. Using those models, or using them but removing nonrequired details or changing the layout, meets the law, and using them is optional.